economics 4.3 arguments for trade protection

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4 Terms

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arguments for trade protection (4)

  • protect infant industries

  • increase job opportunities - derived demand

  • prevent dumping ( export goods to overseas below home country prices)

  • increase government budget (tariff)

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arguments against trade protection

  • higher prices for local consumers - increase cost of production, transfer to consumer

  • retaliation ( EU&China trade war 2024-2025)

  • less efficient resource allocation ( welfare loss )

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